Getchell Gold’s first hole of 2022 is a winner

2022.06.06

The first hole of the program, FCG22-17, was collared on the canyon floor on the same drill pad as hole FCG21-16. It was designed as a 25-meter step-out to the northwest, from the high-grade intercept encountered in FCG21-16. More follow-up drill holes are planned to bracket and expand upon the North Fork Zone mineralization.

This week Getchell released partial results from hole 17, which hit shallow mineralization starting at 66.1 meters downhole. Results were therefore received for the upper 119.5m. The intercept highlighted 5.4 grams per tonne gold over 51.9m, with a higher-grade interval featuring 17.7 g/t Au over 9.9m. Assays are pending for the remainder of the hole, to a depth of 348.7m.

“This is a spectacular start to the 2022 drill program especially with the discovery of high-grade gold mineralization lying shallow below the canyon floor,” said Getchell’s President Mike Sieb, in the June 15 news release. “The mineralizing system at Fondaway Canyon continues to impress and we wait with anticipation for what the year will bring.”

The company’s stock added 8.5 cents on the news, for a gain of 22%.

A second drill hole, FCG22-18, collared on the same pad as FCG22-17 and FCG22-16, was completed to 437.1m, with the bottom portion representing a 100m step out from the closest North Fork Zone drill intercept. This hole was designed to test the up-dip extent of the mineralization found in hole 16, and the extent of the zone to the northeast, where no drilling has been done. Assays are pending.

Fondaway Canyon

Fondaway Canyon is an advanced-stage gold property located in Churchill County, NV. The project has been the subject of multiple exploration campaigns in the late 1980s and early ‘90s.

During the 2021 program, 10 holes for a total of 3,874 meters were completed, all of which returned significant gold mineralization. These drill holes were sunk into the Central Area, designed to follow up on the Colorado SW, Juniper and North Fork gold zones discovered in 2020, the first year of Getchell’s exploration at Fondaway Canyon.

While multiple high-grade intercepts were reported in 2021, the best was hole FCG21-16, which targeted the North Fork Zone. Stationed on the canyon floor at the junction of Fondaway Canyon and North Fork, FCG21-16 was drilled steeply to the northeast as a step-out from three previously completed holes (FCG20-04, FCG21-09 and FCG21-10).

The FCG21-16 interval had the greatest “gold grade x thickness” value in the 40+ year history of gold exploration and mining on the property, and likely represents a major conduit for the gold mineralizing system at Fondaway Canyon.

Furthermore, the hole intersected multiple gold intercepts downhole, including 3.1 g/t Au over 33.4m from 265.0 to 298.4m, with two higher-grade intervals grading 9.6 g/t Au over 3.0m and 6.1 g/t Au over 6.1m.

The drill holes completed prior to FCG21-16 returned some very exciting results from various other zones:

• FCG21-15 intersected multiple significant gold intercepts within the Colorado SW zone over an 87m downhole distance, including 1.2 g/t Au over 33.6m; 1.9 g/t Au over 26.4m and 1.6 g/t Au over 7.7m;
• FCG21-14 encountered gold mineralization at surface on the Colorado zone grading 2.6 g/t Au over 18.5m, including 6.8 g/t Au over 5.4m;

• FCG21-13 intersected three major gold-bearing zones: Colorado, Juniper and Colorado SW; the intercept at Juniper graded 9.3 g/t Au over 1.9m and 5.7 g/t Au over 11.6m;

• FCG21-12 intersected the Colorado SW zone over a 92m downhole distance that included 6.3 g/t Au over 3.6m, 2.5 g/t Au over 24.5m and 1.6 g/t Au over 25.5m;

• FCG21-11 intersected multiple significant gold intercepts within the Colorado SW zone over a 242m downhole distance, including 1.4 g/t Au over 14.9m, 1.0 g/t Au over 52.5m and 2.2 g/t Au over 9.1m.

A compelling aspect of Fondaway Canyon is the open-pit/ high grade potential, as demonstrated by the 2021 drill results, and the results so far in 2022, starting with June 15^th’s.

The 2022 drill campaign is bigger than last year’s and initially focuses on the high-grade gold discovery at North Fork. The broader plan is to continue expanding on the substantive zones of mineralization discovered during the previous two years of drilling.

The goal is to tighten up each of these zones, such as North Fork and Colorado SW, to deliver a new resource estimate.

The last resource estimate for Fondaway Canyon, from 2017, showed 409,000 oz indicated gold resources grading 6.18 g/t Au and 660,000 oz inferred grading 6.4 g/t Au, for a combined 1.1 million oz. Up to 80% of these ounces are within the Colorado, Paperweight and Halfmoon zones, with the remainder found in parallel veins or splays off the main veins.

Star

Fondaway Canyon isn’t the only property Getchell Gold is drilling this summer. Earlier this month, the company sunk a drill into its Star copper-gold project, comprised of two main mineralized occurrences — the formerly producing Star Point copper mine, and the Star South copper-gold-silver prospect — for the first time.

Multiple priority drill targets have been identified at the Star property. A geophysical survey delineated four additional anomalies exhibiting characteristics of porphyry-style mineralization, which will be tested during this year’s maiden drill program.

Star Point is the site of a near-surface, high-grade copper oxide mine operated during the 1940s and ‘50s. Previous development focused on a 300 x 300m area at the southern edge of a north-south trending promontory. The surface is covered with various pits, portals, shafts, open cuts and associated dumps. Underground development consists of several short shafts, winzes and tunnels of varying lengths, leading to a series of stopes and drifts.

The Star South prospect is 2 km south of the past-producing mine and comprises a series of pits, artisanal adits and associated dumps within a 300 x 150-meter area. These adits appear to follow high-grade copper-gold-silver mineralization hosted within quartz veins that are associated with shears trending in several different orientations.

Induced polarization (IP) surveys done in 2018 and 2020 worked up some good drill targets, that Getchell plans on drill testing this summer.

Both of the two main occurrences at Star, Star Point and Star South, lie over-top of low-resistivity, high-chargeability geophysical anomalies, that are characteristic of porphyry-style mineralization. The surface mineralization is interpreted as potentially deriving from a larger source at depth.

Conclusion

Getchell has two drill programs happening simultaneously, giving investors plenty of catalyst-inducing news flow to get excited about as the results continue to flow in during the second half of the year.

Fondaway Canyon is all about building ounces into Getchell’s new resource estimate that suggests the possibility of a high-grade open pit.  Add a lot of juicy drill targets at Star, and Getchell Gold looks to be, imo, exceptionally undervalued by today’s market.  

Getchell Gold Corp.
CSE:GTCH, OTCQB:GGLDF
Cdn$0.47, 2022.06.15
Shares Outstanding 95.5m
Market cap Cdn$44.9m
GTCH website

Richard (Rick) Mills
aheadoftheherd.com
subscribe to my free newsletter

Legal Notice / Disclaimer

Ahead of the Herd newsletter,aheadoftheherd.com, hereafter known as AOTH.

Please read the entire Disclaimer carefully before you use this website or read the newsletter. If you do not agree to all the AOTH/Richard Mills Disclaimer, do not access/read this website/newsletter/article, or any of its pages. By reading/using this AOTH/Richard Mills website/newsletter/article, and whether you actually read this Disclaimer, you are deemed to have accepted it. 

Any AOTH/Richard Mills document is not, and should not be, construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment.

AOTH/Richard Mills has based this document on information obtained from sources he believes to be reliable, but which has not been independently verified.

AOTH/Richard Mills makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness.

Expressions of opinion are those of AOTH/Richard Mills only and are subject to change without notice.

AOTH/Richard Mills assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission.

Furthermore, AOTH/Richard Mills assumes no liability for any direct or indirect loss or damage for lost profit, which you may incur as a result of the use and existence of the information provided within this AOTH/Richard Mills Report.

You agree that by reading AOTH/Richard Mills articles, you are acting at your OWN RISK. In no event should AOTH/Richard Mills liable for any direct or indirect trading losses caused by any information contained in AOTH/Richard Mills articles. Information in AOTH/Richard Mills articles is not an offer to sell or a solicitation of an offer to buy any security. AOTH/Richard Mills is not suggesting the transacting of any financial instruments.

Our publications are not a recommendation to buy or sell a security – no information posted on this site is to be considered investment advice or a recommendation to do anything involving finance or money aside from performing your own due diligence and consulting with your personal registered broker/financial advisor.

AOTH/Richard Mills recommends that before investing in any securities, you consult with a professional financial planner or advisor, and that you should conduct a complete and independent investigation before investing in any security after prudent consideration of all pertinent risks.  Ahead of the Herd is not a registered broker, dealer, analyst, or advisor. We hold no investment licenses and may not sell, offer to sell, or offer to buy any security.

Richard owns shares of Getchell Gold Corp. (CSE:GTCH). GTCH is a paid advertiser on Richards site  aheadoftheherd.com